So, it's the first real day back after Xmas and the final day in the O'Neil follow-through day (FTD) window (we are allowing it to have today even though officially it is eight days into the rally attempt). Will stocks surge on big volume? That's what the bulls want, for sure. But think about this: an FTD signal is supposed to provide a buying signal after a downturn. Can we really get one when the market is already at all-time highs?

Philosophically, I cannot see it.

How can we declare the bulls finally came back when daily stochastics is already at a super-overbought 96?

I wish I added that to last Wednesday's Barron's Online column.

So today is Monday and …

It's now or never, FTD lovers. And even if it happens, we think the entire environment is wrong for it. That does not mean the market cannot continue higher (don't forget the bullish offense/defense index and junk/treasury ratios) but a follow-through day seems to be a ridiculous hope here.

(Image Source: Michael Johansson)